The End of Peak Oil

North America is the largest source of unconventional oil, which is more conventional oil than the Middle East.  Today, the USA Sand is a central global player in the new oil boom.  Therefore, the US was estimated to move from dependent oil from foreign nations to exported oil by 2035. According to the article, Fracking will produce tens of thousands of new jobs and create as many as one million manufacturing jobs in the United States by 2025. Unfortunately, it is hard to estimate how much petroleum could ever be accessible, but reports have noted that the current oil resource will be finished in 160 years. In addition, the oil price has never decreased because oil is a global commodity and its price is global market.

Dan Lashof of the Natural Resources Defense Council stated, “The Internal Energy Agency recently concluded that two thirds of all proven reserves of fossil fuels needs to be left untouched if the world is to achieve the goal of limiting global warming to 2 degree Celsius.  We face a real fork in the road.’’ In addition, depending which way we go, solving our environmental problems may be impossible.

Ref: Energy magazine, 2013”Special Report Energy’’

Categorised in: EPA